The Business of Writing
Disclaimer: Advice in the post is based of United States law; please research your local laws
Greetings my name is Jacob and I am one of the authors of the Corlex series and today I want to talk about the business that is your book.
First some background about me, my undergrad degree is in Finance, my MBA is in Financial Services, and I have started and sold one company.
You may or may not have thought about this, but when you decided to write a book, you started a business, and there are a lot of tenants and things to consider when starting your business.
Here are just a couple of things to consider:
- LLC’s: LLCs or Limited Liability Corporations act as pass through entities for tax purposes. What this means is that there is technically a company, which is given all the rights there in, but all the income from the company will be reflected on your personal income tax statement. LLCs provide a lot of benefits, but the most important is providing a barrier between your assets and the business assets of your book, this barrier is known as The Corporate Veil. This Veil protects your personal assets from attack if you get sued for copyright infringement or a myriad of other things that your business could be sued for. The Veil can be pierced, but it is hard to do
- Taxes, Taxes, Taxes: No matter what you earn from your book $1 or $1,000,000, the government will want their cut, so it is important to document everything and keep every receipt. If you are starting to earn some serious money from your book ($1000+/month), I would highly recommend getting a professional accountant that is outside of your friend/family group. In the United States it is incredibly easy to run afoul of the IRS, and that is one of the worst places you can be.
- Be ready for the ‘Yes’: You’ve worked very hard, and have sacrificed a lot of hours of sleep and time with family to get your book ready, and then your phone rings with a publisher on the other end. All your dreams have come true, now what? One of the things that sinks a new business the fastest is not being prepared for success. Here are a few suggestions for your “Yes” plan.
- Call your business partners if any
- Call your lawyer so that they can review the terms of the contract that is being sent to you
- Call your accountant to start getting a tax and income preparedness plan in place so that when the cash starts rolling in you don’t get yourself in trouble
- Call your bank and setup a business checking account if it isn’t already setup (this can be a part of step 3)
- Don’t be too quick to say yes
- If/When you say yes, call friends and family
- Celebrate, you’ve earned it
Thank you for reading, there is much more to the business of your book and I encourage all of you to do some business reading, so when the “Yes” comes you are ready. If you have any questions, you can reach me at firstname.lastname@example.org
About the Book
Title: Corlex: Episode 1 – Titan and the Reaper
Author: Jacob Ingalls & Ryan
The sound of the Solar Trains cry above as he hunts for his bounty, today a half-cyborg pirate, tomorrow a nano-bot infused scoundrel.
He is one of the few of his kind, he chases the Solar System’s worst villians alone, only equipped with his wits, and the fastest draw in the Galaxy
A little about Jacob:
For as much as I think I’m probably different than most writers, I’m probably not. I am an engineer by trade, with 2 degrees in finance, but I live for my lunch break because that is when I get to write. The last year or 2 I’ve been playing around with different ideas and none of them seemed to stick, but then Ryan came to me with the idea for Corlex and one simple question “Do you want to write a book together?” and that as they say ‘Is History.’
Some of what I like:
I’m a giant nerd, I’ve been watching Star Trek since I was 7, I love going to Cons and DOTA 2 is my favorite game. However, on any given fall Saturday though you will find me in front of my TV cheering on the Oklahoma State Cowboy Football Team with my wife.
I’ve always had a fervent curiosity about the sci-fi world, but never truly pursued writing it down on paper until my good friend Jacob and I schemed together the idea for Corlex. He has always been a great inspiration to me and I am thankful for the opportunities we have to come up with new ideas for you readers!
I spend most of his time dreading the work hour, and when I come home I soak up much needed family time with my wife and two boys. I have always been an avid and dedicated game, and recently opened my own stream under Twitch. Here you can find me testing out all the newest games such as Fallout 4, The Witcher 3, GTA5, and more!